Perhaps the most distinct building in New York Mills is the 1904 First State Bank, now referred to as the Centennial Building. Designed in the Richardsonian Romanesque style it features two arches on the front tied together by decorative keystones. In the seminal 1977 book A Guide to the Architecture of Minnesota, the authors had this to say about the bank, “the two arches opening on the front and three on the side create a lively surprise pattern for the street.”

Hugo Almquist was probably the first Finnish-born president of a Minnesota bank, the First State Bank. The State Bank, established just before World War I, extended the cooperative philosophy to the banking field, but lack of support led to its demise in 1926. After the First State Bank failed, the building was used for a variety of purposes including the post office and the New York Mills Herald. In 1933, Robert Mellin and then his son Hugh operated a tailor shop from this location for some 47 years.

When Hugh Mellin retired the building stood empty until attorney and New York Mills native Carl Peltoniemi purchased it. And in a day and age when historic buildings are often demolished or covered up, Peltonemi wanted to preserve the old bank saying “it’s the most artistic building in town.” After his law office closed, the building was occupied by the East Otter Tail Credit Union, a Lutheran Brotherhood office and Centennial Realty. Still, the brick and Romanesque arches remain intact, creating a “lively surprise pattern” in downtown New York Mills.